Question 1: Discuss briefly VAT. What will be major challenges for businesses while they implement VAT first time?

Question 2: What do you mean by Independent Non-executive directors? If any director faced conflict of interest, what are the possible way to deal with it?

Question 3: What do you mean by Whistleblowing policy? What is the role of audit committee in such policy?

Question 4: Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. Explain the relationship between Internal Auditor with External Auditors, Board of Directors, and CEO.

Question 5: What is the role of board of directors towards internal control systems? Give two examples.

Question 6: Discuss the changes in audit methodology of external auditors if their clients are using Integrated Reporting. Will it affect the scope of audit? What will be the impact on audit fees?

Question 7: In Integrated Reporting, companies must disclose the following elements:

• Organizational overview and the external environment
• Opportunities and risks
• Strategy and resource allocation
• Business model
• Future outlook

Choose any listed company based in Bahrain Bourse and review their 2019 annual report and look whether they are disclosing the above 5 elements of IR.

Question 8: In Integrated Reporting, companies must disclose 6 different capitals. Choose any listed company based in New York Stock Exchange and review their 2020 annual report and look how many different capitals they disclose?

Question 9: Describe four different information needs that must be served by the financial statements of Islamic Banks, which are different from those of conventional banks. For these four information needs, list the corresponding reports which would provide the information.

Question 10: Discuss the Sharia Audit? What are the major challenges in Sharia Audit?